The Independent Petroleum Marketers Association of Nigeria has said that it cannot continue to sell Premium Motor Spirit at N145 per litre.

The National Operations Controller, of the association, Mr. Mike Osatuyi, said this while reacting to the current fuel scarcity in the country.

He said oil marketers cannot sell Premium Motor Spirit (PMS) at N145 per litre due to lack of foreign exchange.

He said: “Right now, the landing cost of the PMS is N154. If you are importing at N305 to the dollar, by the time you add bank charges, it comes to N307 to the dollar. If you apply that to the current crude price, the landing cost is N154-N155. By the time you add all the margins, the pump price is about N160-N167.” (Silverbird TV)